With the auto insurance industry currently experiencing its most seismic shift since it began more than 100 years ago, we had the opportunity to speak with Aparajithan Rajendran, Solutions Architect for Next Generation Telematics at Honda to gain insights on the best methods for operationalizing data to increase tactical level solutions, establishing a UBI program, the future of car insurance, and much more.
Advice for Automotive Professionals: Estabilishing a UBI Program
"Well, there are two sides to it. The automotive professional as a customer and as an insurer. Compared to a traditional approach, as a customer, one needs to learn how this impacts (always to an extent) their privacy, lawful rights, what boosts their driving score, whether it really works for them and how one could take advantage of this program and so on. As an insurer, there are challenges that we still need to overcome. Starting from how well the company handles the privacy issues, government regulations, justify the new rating plans, etc. In addition to OEMs, finding well-suited technology & strategic partners in this space is crucial for successful establishment of such program."
How to Effectively Utilize Driver Data
"This topic deserves a presentation by itself. In general, data can be utilized as efficiently as
it is operationalized. Mostly, such data is qualified as Big data. It needs to go through a
process of cleansing, extraction, transformation, etc. Driver’s data educates us about the
driving pattern, vehicle usage, vehicle health, & the direct association between the driving
style and vehicle health, etc. Depending on our LOB & AOIs, we could utilize this data to
achieve better customer awareness, vehicle-parts durability which can be translated into
economic benefits for both customer & the company."
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